Marginal utility is a. the relative value of two goods when a utility-maximizing decision has been...
Marginal utility is
a. the relative value of two goods when a utility-maximizing decision has been made.
b. change in total utility that results from increasing the amount of a good consumed by one unit.
c. change in the amount of a good consumed that increases total utility by one unit.
d. utility obtained from the consumption of all but the last unit of a good.
Homework Answers
change in total utility that results from increasing the amount of a good consumed by one unit.
the above is answer
because this is the utility addition by consuming one quantitymore
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Marginal utility is
a. the relative value of two goods when a utility-maximizing
decision has been...
2 . 8) Diminishing marginal utility means that A) marginal utility decreases as consumption decreases. B)...
2 . 8) Diminishing marginal utility means that A) marginal utility decreases as consumption decreases. B) marginal utility increases as consumption increases. C) marginal utility decreases as consumption increases. D) total utility decreases as marginal utility decreases E) total utility decreases as marginal utility increases. 9) Which of the following is the best example of how the invisible hands works? A) The government places restrictions on prices of products, B) The government decides to force firms to produce more electricity....
Chapter 7 Vocabulary Name: Match the term with the correct definition Income effect a trying to...
Chapter 7 Vocabulary Name: Match the term with the correct definition Income effect a trying to get the biggest bang for the buck. Utility maximizing rule b as the price of a good drops, consumers have more money to spend on it and other goods Consumer equilibrium The amount of satisfaction gained from consumption of goods and services. d shows the combinations of two items that can be purchased with a limited amount of money. Law of diminishing marginal utility...
1) If a consumer is currently maximizing her satisfaction, what will happen to the marginal utility...
1) If a consumer is currently maximizing her satisfaction, what will happen to the marginal utility of a good when its price increases? The marginal utility will____ a. Increase, because the consumer will decrease her consumption of the good b. Decrease, because the consumer will increase her consumption of the good c. Decrease, because the consumer will decrease her consumption of the good d. Increase, because the consumer will increase her consumption of the good 2) the fixed cost of...
Please help with these questions Question 1 0.8 pts Marginal utility O occurs when a consumer...
Please help with these questions
Question 1 0.8 pts Marginal utility O occurs when a consumer buys more of a good as a result of a relative price change O occurs when total utility declines as consumption increases. O occurs when there is a change in purchasing power as a result of a change in the price of a good. O is the additional satisfaction derived from consuming one more unit of a good or service. is the combination of...
The determines the for a customer who is to make a consumption decision for two goods,...
The determines the for a customer who is to make a consumption decision for two goods, knowing the prices of the goods and how much s/he can afford. 1. The set of personal preferences; affordable budget 2. Utility level; opportunity set 3. Budget constraint; opportunity set 4. Opportunity set; sunk costs If the demand curve for a life-saving medicine is perfectly inelastic, then a reduction in supply will cause equilibrium price to: 1. Rise and the equilibrium quantity to fall....
Suppose Basil is maximizing his utility from consuming tea and crumpets. If the marginal utility of...
Suppose Basil is maximizing his utility from consuming tea and crumpets. If the marginal utility of the last cup of tea was 24 units of utility and that of his last crumpet was 6 units of utility, which of the following is true? The price of tea is six times the price of crumpets The price of crumpets is four times the price of tea The price of tea and crumpets are equal The price of tea is four times...
QUESTION 13 Quantity Per Week Total Utility Brook Kate Amy 100 5.0 9.9 147 190 no...
QUESTION 13 Quantity Per Week Total Utility Brook Kate Amy 100 5.0 9.9 147 190 no GN- 400 450 600 1200 1800 2400 3000 3600 4200 4800 5400 32.9 425 575 900 1275 1770 372 520 510 Refer to the above table. Brook's utility schedule shows initially decreasing marginal utility and then increasing marginal utility. increasing marginal utility throughout her entire schedule. Initially increasing marginal utility and then decreasing marginal utility. diminishing marginal utility throughout her entire schedule. QUESTION 14...
the consumers utility maximizing choice is where the ratio of the marginal utilities of two goods...
the consumers utility maximizing choice is where the ratio of the marginal utilities of two goods are equal to each other (Mux/Px = Muy/Py). What does this condition mean and why is it the utility maximizing choice? explain.
Question 1 Sue is maximizing her utility. Her MU/PX - 10 and Muy -40. Then the...
Question 1 Sue is maximizing her utility. Her MU/PX - 10 and Muy -40. Then the price of Y must be ОООО Question 2 only m e Ellen is spending her entire income on goods X and Y. Her marginal utility from the last units of X and Y that she consumes is 25. Ellen's the prices of X and Y are the same. the price of good X is twice that of good Y. the price of good Y...
T/F/U. Imagine that two goods make you happy: Good A and good B. The marginal utility...
T/F/U. Imagine that two goods make you happy: Good A and good B. The marginal utility of good A is 10 at a price of $2 per unit and the marginal utility of good B is 5 at a price of $1per unit. To satisfy the optimal consumption rule, you would want twice as many of good B than good A. Show your work and tell me how you arrived at your answer using the definition of optimal consumption.
2 . 8) Diminishing marginal utility means that A) marginal utility decreases as consumption decreases. B) marginal utility increases as consumption increases. C) marginal utility decreases as consumption increases. D) total utility decreases as marginal utility decreases E) total utility decreases as marginal utility increases. 9) Which of the following is the best example of how the invisible hands works? A) The government places restrictions on prices of products, B) The government decides to force firms to produce more electricity....
Chapter 7 Vocabulary Name: Match the term with the correct definition Income effect a trying to get the biggest bang for the buck. Utility maximizing rule b as the price of a good drops, consumers have more money to spend on it and other goods Consumer equilibrium The amount of satisfaction gained from consumption of goods and services. d shows the combinations of two items that can be purchased with a limited amount of money. Law of diminishing marginal utility...
Please help with these questions
Question 1 0.8 pts Marginal utility O occurs when a consumer buys more of a good as a result of a relative price change O occurs when total utility declines as consumption increases. O occurs when there is a change in purchasing power as a result of a change in the price of a good. O is the additional satisfaction derived from consuming one more unit of a good or service. is the combination of...
The determines the for a customer who is to make a consumption decision for two goods, knowing the prices of the goods and how much s/he can afford. 1. The set of personal preferences; affordable budget 2. Utility level; opportunity set 3. Budget constraint; opportunity set 4. Opportunity set; sunk costs If the demand curve for a life-saving medicine is perfectly inelastic, then a reduction in supply will cause equilibrium price to: 1. Rise and the equilibrium quantity to fall....
QUESTION 13 Quantity Per Week Total Utility Brook Kate Amy 100 5.0 9.9 147 190 no GN- 400 450 600 1200 1800 2400 3000 3600 4200 4800 5400 32.9 425 575 900 1275 1770 372 520 510 Refer to the above table. Brook's utility schedule shows initially decreasing marginal utility and then increasing marginal utility. increasing marginal utility throughout her entire schedule. Initially increasing marginal utility and then decreasing marginal utility. diminishing marginal utility throughout her entire schedule. QUESTION 14...
Question 1 Sue is maximizing her utility. Her MU/PX - 10 and Muy -40. Then the price of Y must be ОООО Question 2 only m e Ellen is spending her entire income on goods X and Y. Her marginal utility from the last units of X and Y that she consumes is 25. Ellen's the prices of X and Y are the same. the price of good X is twice that of good Y. the price of good Y...
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